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How Taxes are Calculated

In the two example tax calculations below, 2007 taxes for homes of $100,000 and $200,000 fair market value are calculated, assuming qualification for homestead exemption, and figured for locations both within and outside the City of Lafayette. (You are viewing a special page designed to display this information for visitors not employing javascript - to see the original page, click here.)

To estimate the property taxes on your property, visit our Tax Estimator page. For more information on tax rates and taxing bodies, visit our Topics of Note page and our Assessor Facts page.

Example tax calculations:

1. First, the homes' values are multiplied by the residential assessment rate of 10%. This is the assessed value (100,000 x .10 = 10,000 and 200,000 x .10 = 20,000)

• In example below: A x B = C

2. Next, a homestead exemption (if applicable) of $7,500 is subtracted from the assessed value. The result is the taxable assessed value (10,000 - 7,500 = 2,500 and 20,000 - 7,500 = 12,500).

• In example below: C - D = E

3. The taxable assessed value is then multiplied by the total parish tax millage (86.53 mills in 2006). This gives you the parish property tax due outside the city of Lafayette (2,500 x .08653 = 216.33 and 12,500 x .08653 = 1,081.63).

• In example below: E x F = G

4. If you are inside the Lafayette City limits, the millage rate is 85, so your parish property tax will be less (2,500 x .085 = 212.50 and 12,500 x .085 = 1,062.50).

• In example below: E x H = I

5. Note that your total savings with homestead exemption is the $7,500 exemption times the millage rate for your property (7,500 x .08653 = 649.98 outside Lafayette City limits and 7,500 x .05 = 637.50 inside Lafayette City limits).

• In example below: J & K

6. If your property is inside the City of Lafayette, you must also pay City of Lafayette Property Taxes of 17.81 mills. The City of Lafayette Property Tax applies to the total assessed value of your home, not including the homestead exemption (10,000 x .01781 = 178.10 and 20,000 x .01781 = 356.20).

• In example below: L x M = N

7. Your final property tax is calculated as follows:

• Outside City of Lafayette (Line G = Line O)

= $216.33 for $100,000 home = $1,081.63 for $200,000 home

• City of Lafayette (Line I + Line N = Line P)

= $212.50 (parish) + 178.10 (city) = $390.60 for $100,000 home = $1,062.50 (parish) + 356.20 (city) = $1,418.70 for $200,000 home

Tax Bill on a $100,000 and $200,000 Home in 2006
A	Home's Fair Market Value		$100,000	$200,000
B	Residential Property Assessment Rate (10%)	x	0.10	0.10
C	Assessed Value	=	$10,000	$20,000
D	Homestead Exemption	-	7,500	7,500
E	Taxable Assessed Value	=	2,500	12,500
	If you live Outside the City of Lafayette then:
F	Total Parish Tax Millage (86.53 mills = $0.08653)	x	0.08653	0.08653
G	Parish Property Tax Due (Outside City)	=	$216.33	$1,062.50
	If you live Inside the City of Lafayette then:
H	Total Parish Tax Millage (85 mills = $0.085)	x	0.08500	0.08500
I	Parish Property Tax Due (Inside City)	=	$212.50	$1,062.50
J	Property Tax Savings On Parish Taxes Due To Homestead Exemption, outside City of Lafayette		$649.88	$649.88
K	Property Tax Savings On Parish Taxes Due To Homestead Exemption, within City of Lafayette		$637.50	$637.50
	City of Lafayette Property Taxes
L	Assessed Value (Homestead Exemption does not apply to city taxes)		$10,000	$20,000
M	Total City of Lafayette Tax Millage (17.81 mills = $0.01781)	x	0.01781	0.01781
N	City Property Tax Due	=	$178.10	$356.20
	The Total Amount of Property Taxes You Would Owe Are:
O	Total Property Tax Due Outside City of Lafayette		$216.33	$1,081.63
P	Total Property Tax Due Inside City of Lafayette		$390.60	$1,418.70

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